JCPenney cuts Q2 loss, appoints general merchandise manager for home division

J. C. Penney Company, Inc. has announced that net loss for the second quarter was 48 million dollars or 15 cents per share compared to 101 million dollars or 32 cents per share in the same period last year. Adjusted net loss was 56 million dollars or 18 cents per share compared to 120 million dollars or 38 cents per share, last year. The company also announced the appointment of Stacey Shively, a senior executive with nearly 25 years of retail merchandising experience, as Senior Vice President, General Merchandise Manager for its home division, effective September 9, 2019.

“I am pleased with the results we delivered this quarter and the progress we are making against our plan. While we still have work to do on our topline, I strongly believe that growing sales in an unprofitable way is simply not an option,” said Jill Soltau, Chief Executive Officer of JCPenney in a statement.

For the quarter, total net sales decreased 9.2 percent to 2.51 billion dollars compared to 2.76 billion dollars for the quarter ended August 4, 2018. The company added that comparable sales decreased 9 percent for the quarter, while excluding the impact of the company’s exit from major appliance and in-store furniture categories, comparable sales decreased 6 percent.

Stacey Shively to join JCPenney as SVP, General Merchandise Manager

Reporting to Michelle Wlazlo, Executive Vice president, Chief Merchant, Shively will be responsible for overseeing the company’s home merchandising strategies that span product categories including bedding and bath, window coverings, small electrics, cookware and tabletop, mattresses, home electronics, luggage, seasonal and home décor.

The company said, Shively comes to JCPenney from Bluestem Brands where she most recently served as senior vice president of merchandising, overseeing a broad selection of name-brand and private label general merchandise for a portfolio of national multi-channel retail brands, including Gettington and Fingerhut. Prior to Bluestem Brands, Shively was vice president of merchandising for Deal$, a chain of discount variety stores owned and later re-branded by Dollar Tree. She began her retail career at Target Corporation where she spent 17 years assuming various positions of increasing responsibility within merchandising, negotiations, inventory and planning, stores and across business lines including home, men’s, women’s and infants.

Photo: JCPenney media gallery